Weekly Trendz

Commodities 22 Oct 2016

Gold – Comex & MCX

Comex

Recap: Gold spot prices traded in a positive note this week. Prices holding strong above its important key support of $1250, however we saw prices trading in a tight range of $1260 to $1270 with no major trading levels seen. Earlier prices dropped sharply lower from $1320 till $1241.

Forecast: Gold prices could trade in a sideways move in coming days. We don’t see a strong upside for now unless it breaks and hold above its resistance at $1280. We can see fresh selling below $1250 for a near term target of $1230 to $1210.

 

Commodity Close Sup 1 Sup 2 Res 1 Res 2 Trend
             
Gold – Comex 1265.7 1249 1222 1280 1295 Sell below Sup 1
             

 

MCX

Recap – Gold in MCX Futures ended this week in a positive note, earlier prices declined sharply lower from Rs.31000 till Rs.29300 levels. Prices trading in a consolidation range of Rs.29500 to Rs30000. Prices made a high of Rs.30063 on Thursday, but unable to close strong above this level.

Forecast – Gold prices could trade sideways around Rs.29800 to Rs.30000 levels, we expect prices could correct shortly especially below its key support level of Rs.29550 for a near term target of Rs.29300 to Rs.29100

 

Commodity Close Sup 1 Sup 2 Res 1 Res 2 Trend
             
Gold – MCX 29946 29750 29500 30090 30270 Sideways
             

 

 

Silver – Comex & MCX

Comex

Recap – Silver trading in a range of $17.3 to $17.7 levels this week. Prices had a slight profit booking after a sharp fall from $19.29 till $17.08. Prices made a high of $17.76 this week, near to last week high of $17.81.

Forecast – We can expect prices to trade sideways for now, any strong break below $17.3 could take prices sharply lower till $17 to $16.5 in near term. Prices could hold upside on a close above $18.

Commodity Close Sup 1 Sup 2 Res 1 Res 2 Trend
             
Silver – Comex 17.52 17.3 17 17.81 18 Bearish
             

 

MCX

Recap – Silver prices trading with no big moves this week. Earlier prices declined from its high of Rs.45891 till Rs41060. Prices trading in a tight range of Rs.41700 to Rs.42500 for the last two weeks. For intraday we can see even lesser band of Rs.41800 to Rs42200.

Forecast – We can expect Silver in MCX to trade sideways in near term. A break below Rs.41550 levels can take prices free fall to its previous lows of Rs.41000 to 40500 levels. A short term positive trend can be seen in prices if it breaks and closes above Rs.42500. Overall we maintain our bearishness in Silver.

Commodity Close Sup 1 Sup 2 Res 1 Res 2 Trend
             
Silver – MCX 41958 41630 41100 42500 42850 Bearish
             


Copper – MCX

Recap- Copper prices dropped slightly down for the third consecutive week; however we can see a tight trading range from Rs.310 to Rs.315 for this week. We can see prices taken its important key support at Rs.310 levels.

Forecast – We can expect Copper to trade around Rs.310 to Rs.312 during initial days. Prices looks to trade more bearish on a break below Rs.309.5 for an immediate target of Rs.305 to Rs.303 levels this week, else expect range bound moves from Rs.310 to Rs.314 levels.

Commodity Close Sup 1 Sup 2 Res 1 Res 2 Trend
             
Copper 310.95 309.5 306.6 312.6 315 Sell below Sup 1
             

 

Nickel – MCX

Recap – Nickel prices dropped sharply lower this week. Prices unable to hold on its high of Rs.700, made a low on Friday at 665.8. During its earlier weeks we saw prices closing in a range of Rs.680 to Rs.700.Prices closed lower below Rs.680 since last month.

Forecast– Nickel prices expected to trade weak for the coming week. Prices could face short term support at Rs.663 to Rs.660; a break below Rs.660 could take prices till Rs.650 to Rs.640 levels. Any small rise in prices till its short term Resistance at Rs.680 looks for a fresh selling.

Commodity Close Sup 1 Sup 2 Res 1 Res 2 Trend
             
Nickel 666.6 660 648 682 690 Sell below Sup 1
             

 

Lead – MCX

Recap– Lead prices closed weak for the third week. Earlier prices rallied sharply higher after its break of Rs.130 till Rs.143.6. Prices corrected sharply lower for the third week from around Rs.142.7 till this week’s low of Rs.130.7.

Forecast – Lead prices could trade clueless for the next week. Prices traded around Rs.133 to Rs.134 during the end of this week. A break above Rs.135 could make prices to trade firm for a near term target of Rs.138 levels. A break below Rs.132 and close could take prices lower till Rs.130 to Rs.128.

Commodity Close Sup 1 Sup 2 Res 1 Res 2 Trend
             
Lead 133.35 130.5 128.3 135.5 138 Sideways
             

 

Zinc – MCX

Recap – Zinc prices trading in a wide range of Rs.150 to Rs.160 for the past several weeks, prices closed in a weekly doji formation. Prices eroded all its earlier weekly gain from Rs.150 to Rs.160 levels and closed near its important weekly support at Rs.150

Forecast – We can expect prices to face its key support at Rs.148 to Rs.150 levels, a hold below Rs.148 looks for a sharper correction till Rs.145. On the upper side, we may see its key resistance at Rs.152, a hold above could take prices to a U turn till Rs.155 to Rs.156

Commodity Close Sup 1 Sup 2 Res 1 Res 2 Trend
             
Zinc 150.75 148 145.5 152.5 154 Sideways
             

 

Aluminium – MCX

Recap – Aluminium prices dropped sharply lower from its double top around Rs.111. Last week prices tested a high of Rs.112.95 and closed at 111.15. Prices dropped down till Rs.107.15 on Thursday, closed bit higher at Rs.108.65 due to profit booking.

Forecast – We expect prices to stay weak for a near term target of Rs.107 to Rs.105, short term support can be seen at Rs.107.9.

 

Commodity Close Sup 1 Sup 2 Res 1 Res 2 Trend
             
Aluminium 108.65 107.5 106 110.2 111.6 Bearish
             

 


Crude Oil – NYMEX & MCX

Recap– Crude Oil prices closed slightly positive above its key level of $50. We saw the trading levels in Crude Oil around its important levels of $50 to $52. Prices rebounded sharply after its intraday loss on Thursday. Crude Oil in MCX closed higher for the fifth consecutive week. Prices corrected from its recent high of Rs.3463, made a low of Rs.3385 on Thursday. During Friday we saw a sideways move.

Forecast – Crude Oil prices expected to trade positive above $50 till its important resistance at $52, a break above $52 looks prices to target its next resistance level of $54 to $55 levels. Prices could drop down on a break and hold below its psychological support of $50. Crude Oil prices in MCX Futures looks to hold steady above Rs.3420 for a short term target of Rs.3460. A break and hold above Rs.3480 could take prices sharply higher till Rs.3560 – Rs.3600 in a near term.

 

Commodity Close Sup 1 Sup 2 Res 1 Res 2 Trend
             
Crude Nymex 50.98 50 48.8 52 53.5 Bullish
             
Crude MCX 3402 3340 3300 3460 3525 Bullish
             


Natural Gas – MCX

Recap – Natural Gas down sharply from its weekly high of Rs.221.3 to close at 201.5 on Friday. Earlier last two weeks prices up sharply from Rs.195 till Rs.225 levels. Prices almost eroded its previous week’s gains.

Forecast – We expect prices to stay bearish. Prices closed well below its important level at Rs.205. We can expect prices to test its initial support at Rs.200 and more downside till Rs.196 to Rs.195 in near term.

Commodity Close Sup 1 Sup 2 Res 1 Res 2 Trend
             
Natural Gas 201.5 197 195 205 207 Bearish
             

 

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